Renting A Property - Pros & Cons

Buying a home represents a huge financial commitment; the average price of a residential property at good city locations are in excess of 20 Lakhs, and with the base interest rate currently at 8%, many people are finding that the level of commitment required is beyond their means. Young professional may find it difficult, if not impossible, to raise enough capital for a deposit on a property and for them, any many others, renting a property is an attractive, and economically sound alternative.

Before youstart looking for a property, decide how much you can afford to pay in rent, each month, with enough left over to pay bills for amenities, such as electricity, gas, water, telephone, etc.. Once you`ve calculated your budget, you need to think carefully about the type, size and location of the property that you want. Houses, flats and apartments are the most popular types of rental property, but you may like the idea of a property such as a cottage, or a farmhouse. Whichever type of property you`re looking for, you need to make sure that it is large enough - particularly in its number of bedrooms - to comfortably accommodate you, and your family. You also need to think about transport links, by road, or by rail, and the proximity of local amenities, such as shops, schools, etc..

Troll through property supplements, websites etc. which can often be a time-consuming, and frustrating task or you can go to an agent. They will carry out a property search, based on your requirements, perform all the administration work associated with finding a property, and drawing up tenancy agreement, and be responsible for returning any deposit at the end of a tenancy. Dealers or agents typically charge anything between 10% and 30% of your monthly rent for this service.

Reputed agents do not show properties that are in a poor, or dilapidated, condition, but it is always wise to check the condition of fixtures and fittings in a prospective rental property, for yourself. Check if toilet are in working order, and likewise any appliances, such as cookers and refrigerators, that may be supplied.